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Top of the Morning

By: Mint - HT Smartcast
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  • Top of the Morning is a daily podcast in which we bring you all the action from the global markets and the business world to kick-start your day on a well-informed note. This is a Mint production, brought to you by HT Smartcast
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Episodes
  • BJP scores well in welfare schemes

    BJP scores well in welfare schemes
    May 3 2024
    Good morning listeners, Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, May 3, 2024. My name is Nelson John. Let's get started: Indian markets rose slightly on Thursday. Both Nifty and Sensex were up by around 0.18 percent. Godrej Industries was the biggest loser, washing away gains made by the announcement of its plans to split. Vedanta is another conglomerate that wants to head for a demerger. It has been preparing for this possibility for months, but the group finally has a crucial go-ahead: that of its lenders. Anirudh Laskar and Shayan Ghosh report that a consortium of lenders, led by the State Bank of India and including Bank of Baroda, ICICI Bank, Axis Bank, and Punjab National Bank, has given its go-ahead for the proposed split of Vedanta Limited into six different entities. Vedanta will now begin the process of dividing its debt worth seven billion dollars into these new companies. Freshworks now has a new person at the helm: founder and longtime CEO Gireesh Mathrubootham stepped down yesterday. The news did little to excite investors: The Freshworks stock was down more than 25 percent at the time of recording this podcast. Dennis Woodside will be replacing Mathrubootham. Woodside came into the organisation as its president 18 months ago, a period that was meant to be transitional. He has his task cut out, and investors might find him more palatable than his predecessor, writes Ranjani Raghavan. Another reason why American investors have turned bearish is the lack of interest rate cuts by the US Federal Reserve. For months now, Americans have been anticipating a rate cut. But the Federal Reserve and its chairman, Jerome Powell, have consistently maintained the status quo citing fragile macroeconomic data. Despite Powell's hawkish stance, data show inflation to be favourable. The Fed’s current interest rate is the highest in nearly 25 years, write our partners at the Wall Street Journal. A rate cut now will spur the economy, but the Fed wants to be sure of subdued inflation before confirming any cuts. It's a precarious position, and Americans aren't the only ones watching: every central banking authority throughout the world, including the RBI, looks at the US Federal Reserve for guidance on setting their own interest rates. All political parties promise some form of welfare schemes as a part of their poll promises. Over the past decade, voters seem to remember the BJP's initiatives fondly. These schemes include monetary benefits as well as construction of roads and toilets. We invited political writer Ruhi Tewari to write about how the incumbent party is faring well on these issues. Ruhi visits Assam, Uttar Pradesh, and Madhya Pradesh to speak to voters and the real effects of the BJP's welfare schemes. Turns out these initiatives haven't trickled down well enough to certain people. Ruhi gets their inputs too as the election season rages on. Speaking of raging, let's talk about forest fires. Half of Uttarakhand's districts are currently seeing global warming-induced forest fires. In India, an abundance of dry leaves and high temperatures turns out to be the perfect combination to inflame the woods. Sumant Banerjee writes about these fires—their causes, effects, and what the authorities can do to prevent or contain them. It's difficult to fight fire, but we can take measures to mitigate the damage caused by them, he explains. We'd love to hear your feedback on this podcast. Let us know by writing to us at feedback@livemint.com. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes:Vedanta demerger: Key lenders signal green light after months of deliberationInvestors may find Dennis Woodside a better chief for Freshworks Banking on suvidha: How state welfare schemes can help BJP win a third termFed chair Jerome Powell projects optimism, but inflation data in driver’s seat Burning forests: We did start the fires that rage
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    5 mins
  • Congress vs. BJP: Digital ads edition

    Congress vs. BJP: Digital ads edition
    May 2 2024

    Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Thursday, May 2, 2024. My name is Nelson John. Let's get started:

    Indian markets fell slightly on Wednesday. Nifty was down by 0.17 percent, while Sensex lowered by 0.25 percent.

    Following the announcement that it would split its businesses up, Godrej Industries gained more than 6 percent during yesterday's trading session. The 127-year-old conglomerate could yield multiple opportunities, even in a field where Godrej already has a commanding presence. Till now, Godrej and Boyce owned the group's land assets, while Godrej Properties developed the same land. But as part of the demerger, the former entity plans to hold on to the lucrative business, reports Varun Sood. They will only be able to do this after 6 years and not under the Godrej brand name, as per the competition commission rules. A move like this has massive consequences for corporate India, and we're just uncovering the ramifications.


    The Congress and the BJP are fighting it out in the voting booths. But even prior to that, there's another platform where they are vying for your attention: social media. Both parties are using features offered by Meta and Google to target specific audiences. Meta in particular is helping these parties to micro-target their advertisements to the intended audiences, write our partners at howindialives.com. They analyse ad spends of up to 50 crore rupees, and break it down across their strategies, form factor, and spending on particular platforms.


    What's common between Byju's, BharatPe, Zilingo, Housing.com, and GoMechanic? There were notable concerns around the governance practices of these startups. Unethical behaviour and mis-reporting numbers from founders led to the downfall of many of the aforementioned startups. As Tina Edwin writes, these concerns have given rise to a corporate governance charter. If a startup adheres to these norms, investors are more likely to find it attractive to invest in. While these practices aren't binding on non-listed companies, founders would do well to pay heed to help establish an open and fair work environment for their employees and investors.


    Good Glamm Group started out as a company that sold skincare items. It then went on an acquisition spree: first, e-commerce, and then, digital content publications. But Good Glamm's shopping cart wasn't restricted to India: they also expanded their presence in the US. But closer home, their Indian partners weren't paid their dues. A slew of top-level exits, layoffs, and a confusing focus has led Good Glamm Group to a confusing business strategy, write Ranjani Raghavan and Suneera Tandon. As an impending IPO looms, will the company be able to chart out a sustainable path moving forward?


    It's been terribly hot these days. No matter which part of the country you're in, this year's summer feels worse than its predecessors. Many regions are currently undergoing heatwave conditions. This also has an effect on food inflation: prices of vegetables and mangoes are already quite high. While currently, farmers aren't actively planting, the storage and transport of the previous rabi season's crops is under stress due to the hot climate. Easily perishable items like tomatoes have turned dearer by 62 percent. Dairy products too are feeling the brunt of the heat, writes N. Madhavan in today's primer.



    We'd love to hear your feedback on this podcast. Let us know by writing to us at feedback@livemint.com. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance

    Show notes:


    Godrej group could see birth of another property developer

    Inside the digital ads blueprint of BJP and Congress

    Mint Explainer: Why good corporate-governance practices are crucial for startups

    The mystery of Good Glamm’s global gambit

    Red hot prices and other effects of the heatwave
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    5 mins
  • What has changed with Indian Railways?

    What has changed with Indian Railways?
    May 1 2024
    Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, May 1, 2024. My name is Nelson John. Let's get started:Indian markets broke the upward trend on Tuesday ahead of the US Federal Reserve’s policy decision today. Both Sensex and Nifty saw a slump, ending the session down 0.25 per cent and 0.17 per cent respectively. As the wave of Generative AI continues to swell, major global IT companies like Accenture, Cognizant, and Capgemini are stepping up, recognizing the technology as a significant business risk. This shift points to GenAI's growing impact within the tech sector, prompting a crucial conversation about the potential legal, financial, and reputational risks associated with AI deployment. These leading firms have started flagging concerns in their latest annual reports about how the rapid evolution of AI tools could negatively impact their operations. From potential legal liabilities to disruptions caused by fast-paced technological changes, the risks are mounting. Moreover, there's an underlying worry about the technology's still-developing regulatory environment and its ability to deepen social divides or amplify cyber threats like AI-generated deepfakes. Mint’s Varun Sood reports on the cautious approach of IT companies towards AI and how Indian IT majors like TCS and Infosys could follow their lead.The global pandemic changed many aspects of our lives, and one of them was the way we vacation. Covid restrictions across the world gave rise to the phenomenon of ‘staycations’ and ‘workations’. Villa rental emerged as a trend because of this. However, the way we vacation in villas has really shifted since the pandemic. There was a time when these private holiday villas were booked for about 15 days a month on average. Now, they're seeing just nine days of occupancy. What's behind this change? As more of us head back to the office, the need for extended stays has dropped. Plus, there's been a bit of a boom in the number of high-quality villas. Mint’s senior editor Varuni Khosla spoke to industry insiders including the heads of villa rental platforms StayVista and SaffronStays, who told her that these villas are now popping up all over the country. However villa owners are hopeful for a turnaround and modelling their villas around the needs of vacationers. This push towards luxury is helping operators pump up their revenue despite an overall fall in bookings. As the luxury villa market continues to grow and evolve, it's clear that this segment of the hospitality industry is headed for some exciting times.Anant Goenka, the 40-year-old vice-chairman of the $4.4 billion RPG Group, is charting a new course for the conglomerate. Unlike his father, Harsh Goenka, and grandfather, Rama Prasad Goenka, who expanded the business through aggressive acquisitions, Anant is known for a more conservative approach. Yet, after a decade-and-a-half with RPG, he’s signalling a shift towards greater acquisition activity. Anant, who prefers to keep a low profile, has been instrumental in improving the group’s financial health while expanding into related business areas. Recently, he expressed a desire to adopt a more acquisitive strategy moving forward. This includes investing 70% of capital in core businesses, 20% in adjacent businesses, and 10% in high-risk, high-return ventures. Under his leadership, RPG has ventured into new fields like e-commerce and telematics and is making strides in the climate sector. Mint’s senior editors Ranjani Raghavan and Satish John spoke to the Goenka scion for a profile. You can scroll down to the end of the show description and read all of the stories featured in this episode.Awfis Space Solutions just got the green light for its IPO, and it's a big deal for the flexible workspace crowd. If Awfis nails its market debut, it could open the door for other co-working space providers to hit the public markets. Remember when Embassy Office Parks went public in 2019? It pretty much kicked off a trend for office and retail REITs. Awfis could be about to do the same for shared workspaces. The sector's visibility from Awfis' IPO could attract significant capital investment, drawing interest from diverse investor groups like private equity, real estate investors, and venture debt providers. This influx of capital will likely accelerate the expansion and profitability of flex workspace operators. Companies such as WeWork India, IndiQube, and Smartworks are already positioning themselves for potential IPOs, fueled by growth in revenues and expansions across multiple cities. Mint’s senior editor Madhurima Nandy explains what Awfis’ IPO could mean for the co-working space sector, in today’s Mint Primer.Indian Railways, for years has pride itself on being the carrier of India’s common folks. If you grew up in India you are highly likely to have memories related to the Indian ...
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    8 mins
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